Re-mortgage help

urbanxtremes

I have been trying to sell my flat for a few years; however, when we first put it onto the market and had a purchaser, the market collapsed and the recession reared its ugly head; the B2L ran away. Two years down the line, we have started rethinking what we should do, as the property is not shifting as it is more specialised for buoyant markets (long story).

Now, I have quite a small mortgage left on this property and was thinking to re-mortgage it – enabling me to release some equity, then purchasing a house outright from the equity I get, then renting my present place to cover the mortgage repayments.

What is the best way to go around this?
What pitfalls should I lookout for?

I look forward to reading your thoughts.

Conrad

You might try the existing lender first. Otherwise a buy to let remortgage up to 75% of the TRUE market value (what it will sell for now) is an option.

Some buy to let lenders need a minimum earned income of £25k.